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What are the next deadlines regarding crypto taxes in Italy?
In reality, one has already occurred during 2024, but there are still others.
Summary
The taxes on crypto in Italy: the imposta di bollo
On June 30, the deadline for paying the stamp duty expired.
Technically this crypto tax is not called stamp duty, but by now everyone calls it that.
This is the so-called IVACA (tax on the value of crypto-assets), and indeed it had to be paid by June 30.
This is in all respects a wealth tax on possession, given that the amount to be paid to the Italian State is calculated as 2 per thousand (0.2%) of the value in euros of the cryptocurrencies owned.
The exchanges that operate in Italy being registered with the OAM should pay it on behalf of their users, but not all of them have done so.
The IVACA, however, also applies to crypto held in self-custody, and calculating the amount is not very easy if they were sold before the end of the year.
It should be remembered that the IVACA that expired on June 30, 2024, is the one related to the possession of cryptovalute during 2023.
How to pay taxes on crypto capital gains in Italy
Quite another thing are the taxes on any capital gains.
In theory, even for the payment of taxes on any crypto capital gains by individuals, the first deadline was June 30.
However, with the final approval of the legislative decree implementing the tax reform, the income tax return must be submitted by September 30 starting from 2024.
Therefore, in fact, the deadline for the payment of taxes on any crypto capital gains has also been postponed, given that they are in all respects income and are paid after the submission of the income tax return.
It should be added, however, that the payment of income taxes can be paid in installments. This means that those who want to pay them in a single solution will have only until September 30 to submit the income tax return and then pay the due amount, while those who opt for an installment plan will be able to pay them over the following months with interest.
The taxes on any crypto capital gains are normal income taxes, so they follow the exact same process as the submission of the income tax return and the consequent payment of any taxes.
The advances
To all this, however, in Italy, the advances are added.
In fact, the Italian State also obliges some taxpayers to pay an advance on the taxes for the next year, that is, those accrued in 2024 and to be paid in 2025.
Regarding the advance on IVACA, this was to be paid together with the payment of the same IVACA, that is by June 30, but all those who paid less than €51.65 of IVACA in 2024 were exempt from paying this advance. Furthermore, those who had to pay more than €257.52 of IVACA could pay the advance in installments.
Even in the case of taxes on capital gains, it is necessary to pay an advance, and since these are incomes considered on par with all the others, the general rules that apply to income tax advances count.
In this case, the deadlines are the same as those for the payment of income taxes.
The exceedances
Those who are unable to pay everything by the natural deadline can always use the tool of “ravvedimento operoso”.
This tool allows you to admit that you have not met the deadlines and to pay the due amount later with the addition of a penalty and interest.
However, this tool can only be used as long as the state authorities have not already issued a tax bill against the taxpayer, or opened a disciplinary procedure against them.
This is therefore a tool to be used only for small overruns, of a few days or a few weeks, at most a few months.
Obviously, the more you exceed, the higher the penalty to be paid will be, and the higher the amount of interest will be.
With the “ravvedimento operoso” however, not all issues can be resolved, but essentially only those for which there is no deadline beyond which it is no longer possible to rectify.
For example, for the payment of taxes, it is possible to make amends by paying even after the deadline with a supplement due to the penalty and interest, while for example regarding the emergence of income from previous years, it is not possible.
Finally, it should be noted that the Italian Revenue Agency has 5 years to sanction taxpayers who do not comply with the rules, unless there are ongoing judicial procedures. In that case, the timing for the statute of limitations for the crimes applies.